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Saturday, July 11, 2020

Euro bond payment of $750 million due soon, PMRC questions silence on Sinking Fund

Economy Euro bond payment of $750 million due soon, PMRC questions silence on...

The Policy Monitoring and Research Center has urged the Ministry of Finance to give regular updates to the nation on the Sinking Fund and any other viable proposed redemption strategy especially for the Euro-bonds.

The PMRC says this must be done taking into consideration that the bullet payment of the first Eurobond amounting to US $750 million falls due in 2022.

PMRC Executive Director Bernadette Zulu has noted the silence surrounding the Sinking Fund and other strategies which she said should not be the case.

Mrs Zulu said the Ministry of Finance must further continue engaging the IMF for technical assistance and possible bailout package that will assure and signal stability of the economy to bondholders and investors.

And regarding the Farmer Input Support Program, Mrs Zulu has urged the Government through the Ministry of Agriculture to develop an exit and graduation strategy for all beneficiaries to ensure sustainability of the programme in the long term.

In view of the approved the New Energy Policy 2019, Mrs Zulu re-echoed the need to improve the creditworthiness of ZESCO as the sole off-taker in order to instil confidence in private sector investors that the organization would purchase energy generated.

She added that in light of the challenges faced by Government in meeting commitments on the Social Cash Transfer in 2019, Government needs to ring-fence funds for social protection purposes to prevent delays in disbursements.

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  1. Sinking fund is a cash pile that u slowly build up and invest at a rate of interest to enable u to pay off a debt or make a purchase of an expensive capital asset in future. U can only build this cash pile if u are generating enough cash from current operations. As I post this, Copperbelt University staff haven’t been paid January 2020 salaries. Wht cash can u then divert towards building a sinking fund? Is Mrs Zulu suggesting that the sinking fund be built at the cost of not paying CBU staff?

  2. Hello! Look around you! The money has been consumed by the few greedy mouths.
    Just have a look, lecturers are not paid on time, civil servants are not paid on time. Contractors are not paid on time, prices are going up up up.
    When President Sata died, we had about 4 billion USD in forex reserves. Today there is………
    Zambia is in a very dark place. It will take decades to repair the damage pf have inflicted on all aspects of our country.
    You sometimes wonder whether pf is God’s judgement on Zambia for not appreciating and insulting a good, honest leader like Levy Mwanawasa. Now the country is overtaken by VERY bad charactors in influential positions. But thankfully, there is a time and a season for everything. Even for arrogant, ignorant, dishonest people that…

  3. Journeyman: U hv been missing for while. I think we need to start asking those who want to be our presidents in future wht they will do to put the country back on track. Believe me, it will be messy soon after the 2021 elections. But looking at Zambians, I don’t see that any lessons hv been learned from mistakes of the past. They still want to dance at political rallies instead of engaging in serious reflection. Wht can anyone do for people like that? Some say it’s better to recolonize them.

  4. HH told you guys that you’re borrowing beyond your means n here we are. You thought 2022 was mikes away now who’s watching their back?

    • Some people like Kanyangu you wonder their levels of maturity. There is a serious topic under discussion all he can contribute is an insult

  5. This is the little girl Bernadette Zulu who was eating with them through pointless workshops now is wondering where sinking fund is ..really laughable!!

  6. As for the fertilizer farmer impute support programme I don’t see it reducing though the idea is that a beneficiary is weaned off after being supported for three farming seasons or so. Ever since the exercise started some years back i have never seen any one peasant farmer who has graduated from (FISP). During the reign of Late President Patrick Mwanawasa we thought things were going to change as all eligible farmers were put on the data base with a view of weaning them off after three years. But this is not happening as the number keeps growing. Farmers are coming up with their own mechanisms of ensuring that they are not weaned off by introducing their children and once the number of children is also completed one starts using an N.R.C of a neighbor or a brother working in town…

  7. Benedette Deke is part of the so called PF think tank.She has been wining and dining with the same people responsible for setting up the sinking fund. Where and what was she doing to now ask such questions.

  8. These PF guys are silent on the Eurobond because they are confident they themselves won’t be there in 2021 when it comes to pay. That will be someone else’s problem.

  9. You can do freedom of information request to obtain information on that. Stop causing unnecessary issues and being lazy.

  10. We have been telling you , PF were and are still waiting for foringners to create jobs for zambians….their pipe dream was……build these 1$million/km roads , and foringners will come pouring in , we were told by the resident LT rats that they will be tripping over each other to come in to Zambia…

    Where ? Zambians have no jobs….GRZ does not have a large enough worker contributed income tax pool…..the hyeteria you are seeing is results and the beginning of a long struggle…

  11. I was PF but have now thrown in the towel. I am looking for a party with an ideology I believe in . I might remain green only this time is Green Party. I urge Sinkamba to be stand up n be counted.

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